SEA-LAND SEES 20-PERCENT DROP IN OPERATING INCOME
Ongoing rate pressures and trade imbalances "produced another
difficult
quarter for Sea-Land Service, according to parent company, CSX Corp.
Sea-Land reported operating income of $12 million, down from $15 million
for the same quarter in 1998. Revenue rose to $973 million from $955
million in 1998.
Sea-Land cited "rate weakness in the Atlantic and Americas trades, and
significant trade imbalances to and from Asia" for the declining income,
though lower fuel prices and reduced volumes helped to reduce operating
expenses.